widespace

Branded Mobile Ad Platform Widespace Secures $17.2M In Growth Capital

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The focus of brand mobile advertising has tended to be either on the desktop or on performance. But most commentators agree that mobile is huge, and a viable ad channel.

Investors must agree because mobile ad platform Widespace has now secured $17.2m (€15.8 million) in growth capital from Kreos, a leading European provider of growth debt to high-growth companies, which now joins existing investors in this round of financing.

The majority of the investment has been raised through a new share issue to current owners Industrifonden, Northzone and other shareholders.

Patrik Fagerlund CEO and co-founder says the cash will enable them to solidify their position in Europe as well as expand in key markets.

Wide space claims to reaches 230 million unique users across Europe, the US, Brazil and the MENA region every month.

Widespace was founded in 2007 by entrepreneurs Henric Ehrenblad and Patrik Fagerlund and in 2012 received funding from Northzone and Industrifonden. It now employs 230 people in 10 countries.